For the past 14 years Dalmore has focused on investing in infrastructure that provides services critical to the functioning of society. Through disciplined selection Dalmore funds have invested in lower volatility assets without significant exposure to GDP, traffic, usage or market price risk. Geographically Dalmore’s focus is the UK, although we also manage assets in Europe and North America.
About
Investment Strategy
Looking forward, the UK mid-market core and core-plus segment continues to be a key focus, which we believe offers opportunities where disciplined underwriting, a thorough analysis of market exposure and local market expertise may support attractive risk-adjusted returns.
Investments that display key characteristics of inflation correlation, defined regulated or contractual revenues, prudent leverage and value enhancement potential underpin our investment philosophy.
Featured Case Study
Tideway
Tideway is upgrading London’s sewer system to cope with its growing population. Once constructed the 25km Thames Tideway Tunnel will intercept, store and ultimately transfer sewage waste away from the river Thames so it can be treated. Construction and tunnelling commenced in 2016 and is expected to be complete by 2025.
Investment process
Screening
All investment opportunities are subject to early-stage review to assess alignment with the investment objectives, identify reputational considerations and ensure consistency with Dalmore’s Responsible Investment Policy.
Early screening ensures efficient allocation of acquisition resources and provides direction from the Investment Committee on prioritised areas of focus.
Investment approval
The Investment Committee comprises the most senior and experienced Dalmore employees including the Chief Executive Officer and Chief Investment Officer.
The Chief Financial Officer and General Counsel provide risk and governance oversight, and an observer appointed by RLAM also attends the Investment Committee.
Investment report
When an opportunity progresses to the stage where material commercial terms are understood and sufficient due diligence has been completed, an Investment Report is submitted to the Investment Committee. This includes detailed analysis of financial, legal, technical, commercial and sustainability considerations, together with thorough risk assessments and sensitivity analysis. Prior to financial close the details of the transaction are re-confirmed ahead of final approval.
Investment Strategy
Our Funds
Dalmore manages over £5.7 billion of capital on behalf of global institutional investors via five flagship funds and their associated co-investment vehicles. Capital has been deployed in over 128 Core, Core+ and PPP social infrastructure assets.
£5.7 bn+ assets under management
128+ infrastructure assets
5 flagship funds
£3.4 bn of co-investment deployed alongside flagship funds
| Fund Name | Vintage | Total commitments | Term | Investment focus | Sector | Status |
|---|---|---|---|---|---|---|
| 2021 | £138m | 15 years | Core & Core+ | Energy |
Fully invested | |
| 2017 | £950m | 15 years | Core, Core+, PPP | Energy Regulated Assets Transport Social Infrastructure |
Fully invested | |
| 2015 | £440m | 25 years | Core | Regulated Asset |
Fully invested | |
| 2014 | £534m | 25 years | PPP | Social infrastructure |
Fully invested | |
| 2012 | £249m | 15 years | PPP | Social infrastructure |
Fully invested |
Dalmore Capital Fund 4 ("DCF4")
£138 million close-ended fund established in 2021 to acquire infrastructure investments in the UK, building on the successful strategy of DCF3. DCF4 has a term of 15 years and its investment portfolio comprises investments in 3 assets in the Core, Core + sectors.
DCF4 case studies
Dalmore Capital Fund 3 ("DCF3")
£950 million close-ended fund established in 2017 to acquire infrastructure investments in the UK. DCF3 has a term of 15 years and its investment portfolio comprises investments in 11 assets in the Core, Core + and social infrastructure sectors.
DCF3 case studies
Dalmore Infrastructure Investments (“DII”)
£440 million close-ended fund established in 2015 to bid for and invest in the Thames Tideway Tunnel (“Tideway”) project. DII has a term of 25 years and Tideway represents its sole investment.
DII case studies
PPP Equity PIP (“PIP”)
£534 million close-ended fund established in 2014 to acquire operational Public Private Partnerships in the UK. PIP has a term of 25 years and its investment portfolio comprises investments in 30 assets across the Health, Education, Transport, Defence, Energy and other Accommodation sectors.
PIP case studies
Dalmore Capital Fund ("DCF")
£249 million close-ended fund established in 2012 to acquire operational Public Private Partnerships in the UK. DCF has a term of 25 years and its investment portfolio comprises investments in 46 assets across the Health, Education, Custodial, Leisure and Defence sectors.
DCF case studies
University College London Hospital (“UCLH”)
June 2012
Responsible investment
Dalmore takes a pragmatic, purpose-driven approach to responsible investment, grounded in fiduciary duty and oriented toward delivering tangible, real-world outcomes.
Dalmore has a strong track record of investing in infrastructure that delivers demonstrable positive environmental — including climate-related — and social outcomes.
Central to this approach is the integration of material climate and sustainability considerations into investment and asset management decisions. Sustainability is considered at every stage of the fund’s operations, from formation to exit.